October 7, 2022

Prominent Democrats have said six times that raising taxes in a recession is a bad idea, yet Democrats are seeking to raise corporate taxes over the weekend.

While President Joe Biden’s economy slipped into recession last month, he is pushing congressional Democrats to push through a reconciliation bill — the so-called “De-Inflation Act.” The bill imposes a minimum tax on companies with more than $1 billion in profits.

Democrats in the past have opposed raising corporate taxes during a recession.

  1. In 2009, then-President Barack Obama declare yourself“You don’t raise taxes in a recession. . . . The last thing you want to do is raise taxes in the middle of a recession.”

2. In 2010, then-Gov. Joe Manchin (D-WV) he said he didn’t “think that in a recession you mess with any of the taxes or raise any taxes.”

3. In 2008, Sen. Chuck Schumer (D-NY) contrary raising taxes during a recession. “If we’re in a recession and we’re in a tough economic time, I don’t think Senator Obama or anybody else is going to raise taxes. You don’t want to take money out of the economy when the economy is shrinking,” he said.

4. Sumer he repeated His position again in 2008: “When the economy is in decline, you don’t want to raise overall taxes,” he said.

5. “Nobody’s going to want to raise taxes when we’re in a recession,” Schumer again he insisted in 2008.

6. In 2008, then-Senator Biden clapping in agreement as Obama said “The last thing we should do” is raise taxes in a recession.

The act, which is being marketed as a measure to reduce inflation, will further increase Biden’s inflation, which is at a 40-year high. “The supposed game-changing legislative breakthrough that brought together Senator Joe Manchin (D-WV) and Senate Majority Leader Chuck Schumer (D-NY) after months of failed Build Back Better negotiations is being cynically characterized as a measure to deal with the budget. deficit,” Breitbart News reported. “This makes sense in a blatantly political way, because inflation is the number one issue facing American families and is plunging the economy into a stagnant recession”:

The first hint that this is not going to be an inflation-busting bill is that the bill includes a huge expansion of government spending. There is about $385 billion in energy and climate change spending, according to the nonpartisan Committee for a Responsible Budget. There is $100 billion in new health care spending in the form of expanded Obamacare subsidies and expanded coverage of prescription drugs and vaccines.

Democrats have yet to finalize the bill. Under Senate rules, the Senate congressman must resolve many issues with partisan legislation, such as Medicare drug price denials, climate change and health care provisions. Democrats are using reconciliation to bypass the 60 votes Republicans can use with a 50-50 Senate split.

Follow Wendell Husebø Twitter @WendellHusebø. He is the author of it Politics of slave morality.

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